NBC: Building Material Importation Continues to Grow This Year

Importation of building materials is projected to see further increase in 2020 which reflects the healthy growth of construction sector.

According to the Macroeconomic and Banking Progress 2019 Report and 2020 Outlook of National Bank of Cambodia (NBC) issued last week, the construction sector is predicted to be one of the main economic drivers of Cambodia in 2020.

In breaking down, the outlook stated that importation of construction materials would account for over 50 percent of the total imports for construction industry or worth US$1,400 million and the importation of cement, valued at US$200 million, would represent almost 10 percent.

The report also mentioned some 40 percent of imported construction materials would be steel or US$800 million in value.

Construction and real estate sector continues to grow which is reflected by a trend of increasing imports of building materials and approved construction projects, the NBC underlined.

Construction projects were recorded at 4,446 in 2019, a 55 percent increase over 2018, while investment capital was US$9.3 billion, a 78 percent increase, according to a report of Ministry of Land Management, Urban Planning, and Construction.

In 2019, the total value of imports for construction sector was estimated at US$1,500 million, according to NBC, adding that US$900 million of which was construction materials, over US$100 million cement, and US$500 million steel.